Revenue growth accelerated to 19.6% YoY in Q2 2026, with gross margin expanding to 52.3% from 50.1% two years prior, reflecting a mix shift toward high-margin AWS and advertising.
Amazon.com, Inc. (AMZN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 775.68B | 716.92B | 637.96B | 574.78B | 513.98B | 469.82B | 386.06B | 280.52B | 232.89B | 177.87B | 135.99B | 107.01B | 88.99B | 74.45B | 61.09B | 48.08B | 34.2B | 24.51B | 19.17B | 14.84B | 10.71B | 8.49B | 6.92B | 5.26B | 3.93B | 3.12B | 2.76B | 1.64B | 609.82M | 147.79M | 15.75M |
| Revenue Growth % | 15.77% | 12.38% | 10.99% | 11.83% | 9.4% | 21.7% | 37.62% | 20.45% | 30.93% | 30.8% | 27.08% | 20.25% | 19.52% | 21.87% | 27.07% | 40.56% | 39.56% | 27.88% | 29.19% | 38.5% | 26.16% | 22.67% | 31.48% | 33.84% | 25.96% | 13.05% | 68.43% | 168.91% | 312.63% | 838.57% | - |
| Cost of Goods Sold | 381.87B | 356.41B | 326.29B | 304.74B | 288.83B | 272.34B | 233.31B | 165.54B | 139.16B | 111.93B | 88.27B | 71.65B | 62.75B | 54.18B | 45.97B | 37.29B | 26.56B | 18.98B | 14.9B | 11.48B | 8.26B | 6.45B | 5.32B | 4.01B | 2.94B | 2.32B | 2.11B | 1.35B | 476.15M | 118.97M | 12.29M |
| COGS % of Revenue | - | 49.71% | 51.15% | 53.02% | 56.19% | 57.97% | 60.43% | 59.01% | 59.75% | 62.93% | 64.91% | 66.96% | 70.52% | 72.77% | 75.25% | 77.56% | 77.65% | 77.43% | 77.72% | 77.4% | 77.07% | 75.98% | 76.85% | 76.12% | 74.76% | 74.43% | 76.26% | 82.28% | 78.08% | 80.5% | 78.03% |
| Gross Profit | 393.81B | 360.51B | 311.67B | 270.05B | 225.15B | 197.48B | 152.76B | 114.99B | 93.73B | 65.93B | 47.72B | 35.35B | 26.24B | 20.27B | 15.12B | 10.79B | 7.64B | 5.53B | 4.27B | 3.35B | 2.46B | 2.04B | 1.6B | 1.26B | 992.62M | 798.56M | 655.78M | 290.64M | 133.66M | 28.82M | 3.46M |
| Gross Margin % | 50.77% | 50.29% | 48.85% | 46.98% | 43.81% | 42.03% | 39.57% | 40.99% | 40.25% | 37.07% | 35.09% | 33.04% | 29.48% | 27.23% | 24.75% | 22.44% | 22.35% | 22.57% | 22.28% | 22.6% | 22.93% | 24.02% | 23.15% | 23.88% | 25.24% | 25.57% | 23.74% | 17.72% | 21.92% | 19.5% | 21.97% |
| Gross Profit Growth % | - | 15.67% | 15.41% | 19.94% | 14.01% | 29.28% | 32.85% | 22.68% | 42.16% | 38.16% | 34.98% | 34.76% | 29.43% | 34.05% | 40.16% | 41.16% | 38.18% | 29.53% | 27.35% | 36.52% | 20.45% | 27.28% | 27.45% | 26.63% | 24.3% | 21.77% | 125.63% | 117.44% | 363.82% | 733.13% | - |
| Operating Expenses | 300.1B | 280.54B | 243.08B | 233.19B | 212.9B | 172.6B | 129.86B | 100.44B | 81.31B | 61.83B | 43.54B | 33.12B | 26.06B | 19.53B | 14.45B | 9.93B | 6.24B | 4.4B | 3.43B | 2.7B | 2.07B | 1.61B | 1.17B | 987M | 928.49M | 1.21B | 1.52B | 896.4M | 242.72M | 61.41M | 9.9M |
| OpEx % of Revenue | - | 39.13% | 38.1% | 40.57% | 41.42% | 36.74% | 33.64% | 35.81% | 34.91% | 34.76% | 32.01% | 30.95% | 29.28% | 26.23% | 23.65% | 20.65% | 18.23% | 17.96% | 17.89% | 18.19% | 19.3% | 18.93% | 16.9% | 18.75% | 23.61% | 38.78% | 55.02% | 54.66% | 39.8% | 41.56% | 62.89% |
| Selling, General & Admin | 58.92B | 58.3B | 55.27B | 56.19B | 54.13B | 41.37B | 28.68B | 24.08B | 18.15B | 13.74B | 9.66B | 7B | 5.88B | 4.26B | 3.3B | 2.29B | 1.5B | 1.01B | 761M | 579M | 458M | 364M | 286M | 232M | 273.36M | 232.78M | 313.74M | 276.6M | 150.16M | 48.03M | 7.5M |
| SG&A % of Revenue | - | 8.13% | 8.66% | 9.78% | 10.53% | 8.81% | 7.43% | 8.58% | 7.79% | 7.73% | 7.11% | 6.54% | 6.61% | 5.72% | 5.41% | 4.76% | 4.38% | 4.11% | 3.97% | 3.9% | 4.28% | 4.29% | 4.13% | 4.41% | 6.95% | 7.46% | 11.36% | 16.87% | 24.62% | 32.5% | 47.64% |
| Research & Development | 121.09B | 108.52B | 88.54B | 85.62B | 73.21B | 56.05B | 42.74B | 35.93B | 28.84B | 22.62B | 16.09B | 12.54B | 9.28B | 6.57B | 4.56B | 2.91B | 1.73B | 1.24B | 1.03B | 818M | 662M | 451M | 251.19M | 207.81M | 215.62M | 241.16M | 269.33M | 159.7M | 46.81M | 12.5M | 2.4M |
| R&D % of Revenue | - | 15.14% | 13.88% | 14.9% | 14.24% | 11.93% | 11.07% | 12.81% | 12.38% | 12.72% | 11.83% | 11.72% | 10.42% | 8.82% | 7.47% | 6.05% | 5.07% | 5.06% | 5.39% | 5.51% | 6.18% | 5.31% | 3.63% | 3.95% | 5.48% | 7.72% | 9.75% | 9.74% | 7.68% | 8.46% | 15.25% |
| Other Operating Expenses | 4M | 113.71B | 99.27B | 91.39B | 85.56B | 75.17B | 58.44B | 40.43B | 34.32B | 25.46B | 17.79B | 13.58B | 10.9B | 8.7B | 6.58B | 4.73B | 3B | 2.15B | 1.63B | 1.3B | 947M | 792M | 593M | 547.19M | 439.52M | 736.87M | 936.59M | 460.1M | 45.75M | 884K | 0 |
| Operating Income | 93.71B | 79.97B | 68.59B | 36.85B | 12.25B | 24.88B | 22.9B | 14.54B | 12.42B | 4.11B | 4.35B | 2.23B | 178M | 745M | 676M | 862M | 1.41B | 1.13B | 842M | 655M | 389M | 432M | 440M | 270M | 64.12M | -412.26M | -863.88M | -605.75M | -109.06M | -32.59M | -6.44M |
| Operating Margin % | 12.08% | 11.16% | 10.75% | 6.41% | 2.38% | 5.3% | 5.93% | 5.18% | 5.33% | 2.31% | 3.2% | 2.09% | 0.2% | 1% | 1.11% | 1.79% | 4.11% | 4.61% | 4.39% | 4.42% | 3.63% | 5.09% | 6.36% | 5.13% | 1.63% | -13.2% | -31.28% | -36.94% | -17.88% | -22.06% | -40.92% |
| Operating Income Growth % | - | 16.59% | 86.13% | 200.88% | -50.77% | 8.65% | 57.48% | 17.07% | 202.51% | -5.67% | 94.94% | 1154.49% | -76.11% | 10.21% | -21.58% | -38.69% | 24.54% | 34.09% | 28.55% | 68.38% | -9.95% | -1.82% | 62.96% | 321.06% | 115.55% | 52.28% | -42.61% | -455.46% | -234.58% | -405.9% | - |
| EBITDA | 168.91B | 145.73B | 121.39B | 85.52B | 54.17B | 59.31B | 48.08B | 36.33B | 27.76B | 15.58B | 12.47B | 8.51B | 4.92B | 4B | 2.83B | 1.95B | 1.97B | 1.51B | 1.13B | 901M | 594M | 553M | 516M | 346M | 146.4M | -146.51M | -457.65M | -354.25M | -57.03M | -29.15M | -6.15M |
| EBITDA Margin % | 21.78% | 20.33% | 19.03% | 14.88% | 10.54% | 12.62% | 12.45% | 12.95% | 11.92% | 8.76% | 9.17% | 7.96% | 5.53% | 5.37% | 4.64% | 4.05% | 5.77% | 6.15% | 5.89% | 6.07% | 5.55% | 6.51% | 7.46% | 6.57% | 3.72% | -4.69% | -16.57% | -21.6% | -9.35% | -19.73% | -39.04% |
| EBITDA Growth % | 25.35% | 20.05% | 41.95% | 57.87% | -8.67% | 23.36% | 32.34% | 30.86% | 78.14% | 24.98% | 46.45% | 72.91% | 23.16% | 41.02% | 45.76% | -1.47% | 30.99% | 33.48% | 25.31% | 51.68% | 7.41% | 7.17% | 49.13% | 136.34% | 199.92% | 67.99% | -29.19% | -521.12% | -95.64% | -374.26% | - |
| D&A (Non-Cash Add-back) | 75.2B | 65.76B | 52.8B | 48.66B | 41.92B | 34.43B | 25.18B | 21.79B | 15.34B | 11.48B | 8.12B | 6.28B | 4.75B | 3.25B | 2.16B | 1.08B | 568M | 378M | 287M | 246M | 205M | 121M | 76M | 76M | 82.27M | 265.74M | 406.23M | 251.5M | 52.02M | 3.44M | 296K |
| EBIT | 178.8B | 99.58B | 71.02B | 40.74B | -3.57B | 39.96B | 25.82B | 15.58B | 12.68B | 4.65B | 4.38B | 2.03B | 99M | 647M | 636M | 999M | 1.54B | 1.2B | 972M | 737M | 455M | 520M | 462M | 169M | -7.71M | -387.19M | -975.76M | -558.63M | -95M | -30.69M | -6.24M |
| Net Interest Income | 1.33B | 2.11B | 2.27B | -233M | -1.38B | -1.36B | -1.09B | -768M | -977M | -646M | -384M | -409M | -171M | -103M | -52M | -4M | 12M | 3M | 12M | 13M | -19M | -48M | -79M | -108M | -119.24M | -110.13M | -90.1M | -39.12M | -12.59M | 1.57M | 197K |
| Interest Income | 4.66B | 4.38B | 4.68B | 2.95B | 989M | 448M | 555M | 832M | 440M | 202M | 100M | 50M | 39M | 38M | 40M | 61M | 51M | 37M | 83M | 90M | 59M | 44M | 28M | 22M | 23.69M | 29.1M | 40.82M | 45.45M | 14.05M | 1.9M | 202K |
| Interest Expense | 3.33B | 2.27B | 2.41B | 3.18B | 2.37B | 1.81B | 1.65B | 1.6B | 1.42B | 848M | 484M | 459M | 210M | 141M | 92M | 65M | 39M | 34M | 71M | 77M | 78M | 92M | 107M | 130M | 142.93M | 139.23M | 130.92M | 84.57M | 26.64M | 326K | 5K |
| Other Income/Expense | 81.21B | 16.78B | -80M | 693M | -18.19B | 13.28B | 1.29B | -579M | -1.15B | -304M | -390M | -687M | -252M | -310M | -287M | 60M | 98M | 26M | 50M | 5M | -12M | -4M | -85M | -231.44M | -218.93M | -144.5M | -547.39M | -114.21M | -15.49M | 1.57M | 197K |
| Pretax Income | 174.93B | 96.76B | 68.51B | 37.55B | -5.94B | 38.16B | 24.19B | 13.96B | 11.27B | 3.8B | 3.8B | 1.55B | -74M | 435M | 389M | 922M | 1.5B | 1.16B | 892M | 660M | 377M | 428M | 355M | 38.56M | -154.8M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Pretax Margin % | 22.55% | 13.5% | 10.74% | 6.53% | -1.16% | 8.12% | 6.27% | 4.98% | 4.84% | 2.14% | 2.79% | 1.44% | -0.08% | 0.58% | 0.64% | 1.92% | 4.4% | 4.71% | 4.65% | 4.45% | 3.52% | 5.04% | 5.13% | 0.73% | -3.94% | -17.83% | -51.1% | -43.9% | -20.42% | -20.99% | -39.67% |
| Income Tax | 39.62B | 19.09B | 9.27B | 7.12B | -3.22B | 4.79B | 2.86B | 2.37B | 1.2B | 769M | 1.43B | 950M | 167M | 161M | 428M | 291M | 352M | 253M | 247M | 184M | 187M | 95M | -233M | 4M | -700K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 22.65% | 19.73% | 13.52% | 18.96% | 54.17% | 12.56% | 11.83% | 17% | 10.62% | 20.23% | 37.54% | 61.45% | -225.68% | 37.01% | 110.03% | 31.56% | 23.4% | 21.9% | 27.69% | 27.88% | 49.6% | 22.2% | -65.63% | 10.37% | 0.45% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 135.28B | 77.67B | 59.25B | 30.43B | -2.72B | 33.36B | 21.33B | 11.59B | 10.07B | 3.03B | 2.37B | 596M | -241M | 274M | -39M | 631M | 1.15B | 902M | 645M | 476M | 190M | 333M | 588M | 35M | -149.93M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Net Margin % | 17.44% | 10.83% | 9.29% | 5.29% | -0.53% | 7.1% | 5.53% | 4.13% | 4.33% | 1.71% | 1.74% | 0.56% | -0.27% | 0.37% | -0.06% | 1.31% | 3.37% | 3.68% | 3.37% | 3.21% | 1.77% | 3.92% | 8.5% | 0.66% | -3.81% | -17.83% | -51.1% | -43.9% | -20.42% | -20.99% | -39.67% |
| Net Income Growth % | 91.55% | 31.09% | 94.73% | 1217.74% | -108.16% | 56.41% | 84.08% | 15.04% | 232.11% | 27.92% | 297.82% | 347.3% | -187.96% | 802.56% | -106.18% | -45.23% | 27.72% | 39.85% | 35.5% | 150.53% | -42.94% | -43.37% | 1580% | 123.34% | 73.07% | 60.55% | -96.02% | -478.07% | -301.5% | -396.64% | - |
| Net Income (Continuing) | 135.28B | 77.67B | 59.25B | 30.43B | -2.72B | 33.36B | 21.33B | 11.59B | 10.07B | 3.03B | 2.37B | 596M | -241M | 274M | -39M | 631M | 1.15B | 902M | 645M | 476M | 190M | 333M | 588M | 35M | -149.93M | -556.75M | -1.41B | -719.97M | -124.55M | -31.02M | -6.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 12.41 | 7.17 | 5.53 | 2.90 | -0.27 | 3.24 | 2.09 | 1.15 | 1.01 | 0.31 | 0.25 | 0.06 | -0.03 | 0.03 | -0.00 | 0.07 | 0.13 | 0.10 | 0.07 | 0.06 | 0.02 | 0.04 | 0.07 | 0.00 | -0.02 | -0.08 | -0.20 | -0.11 | -0.02 | -0.01 | -0.00 |
| EPS Growth % | 89.48% | 29.66% | 90.69% | 1174.07% | -108.33% | 55.02% | 81.74% | 13.86% | 225.81% | 24% | 300% | 340.38% | -188.14% | - | -106.57% | -47.31% | 30% | 34.23% | 33.04% | 148.89% | -46.43% | -39.57% | - | 120.51% | 75% | 61% | -81.82% | -423.81% | - | - | - |
| EPS (Basic) | - | 7.29 | 5.66 | 2.95 | -0.27 | 3.30 | 2.13 | 1.17 | 1.03 | 0.32 | 0.25 | 0.06 | -0.03 | 0.03 | -0.00 | 0.07 | 0.13 | 0.10 | 0.08 | 0.06 | 0.02 | 0.04 | 0.07 | 0.00 | -0.02 | -0.08 | -0.20 | -0.11 | -0.02 | -0.01 | -0.00 |
| Diluted Shares Outstanding | 10.9B | 10.83B | 10.72B | 10.49B | 10.19B | 10.3B | 10.2B | 10.08B | 10B | 9.86B | 9.68B | 9.54B | 9.24B | 9.3B | 9.06B | 9.22B | 9.12B | 8.84B | 8.64B | 8.48B | 8.48B | 8.52B | 8.5B | 8.38B | 7.57B | 7.28B | 7.02B | 6.54B | 5.93B | 5.21B | 3.5B |
| Basic Shares Outstanding | 10.76B | 10.66B | 10.47B | 10.3B | 10.19B | 10.12B | 10B | 9.88B | 9.74B | 9.6B | 9.48B | 9.34B | 9.24B | 9.14B | 8.67B | 9.06B | 8.94B | 8.66B | 8.46B | 8.26B | 8.32B | 8.24B | 8.12B | 7.9B | 7.57B | 7.28B | 7.02B | 6.54B | 5.93B | 5.21B | 3.5B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AMZN stock.
For fiscal year 2025, Amazon.com, Inc. (AMZN) reported total revenue of $716.92B. This represents a 4552954.7% increase compared to $15.7M in 1996.
Amazon.com, Inc. (AMZN) is profitable, generating $77.67B in net income for the fiscal year ending 2025 with a net profit margin of 10.8%.
Amazon.com, Inc. (AMZN) reported an operating income of $79.97B, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Amazon.com, Inc. (AMZN) generated $360.51B in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Retail competition intensifying
Metrics are mathematically derived from official filings.
Accelerating Growth on AWS Strength
Revenue growth accelerated to 19.6% YoY in Q2 2026, up from 13.3% a year earlier, driven by AWS's 36.7% surge and robust retail performance, per the latest quarterly report.
The acceleration is broad-based, with AWS re-accelerating to its fastest pace in 18 quarters, suggesting that AI-driven demand is translating into durable cloud growth. Retail revenue also grew at a healthy clip, likely benefiting from improved consumer spending and continued share gains. The sustainability of this growth hinges on AWS's ability to maintain momentum against intensifying competition from Microsoft and Google, as well as on retail's resilience in a potentially softening macro environment.
Margin Expansion Fueled by Mix Shift
Gross margin expanded to 52.3% in Q2 2026, up from 50.1% in Q2 2024, reflecting a favorable mix shift toward high-margin AWS and advertising, as reported in financial statements.
The structural improvement in gross margin is a direct result of the growing contribution from AWS and advertising, which carry significantly higher margins than retail. Operating margin also expanded to 13.7% in Q2 2026 from 9.9% in Q2 2024, indicating that the company is scaling efficiently. However, investors should monitor whether rising fulfillment and labor costs in the retail segment could cap further expansion, especially as Walmart intensifies competition.
Operating Leverage Driving EPS Beat
Operating income grew 43% YoY in Q2 2026, outpacing revenue growth of 19.6%, demonstrating significant operating leverage, as per the latest income statement data.
The operating leverage is evident as SG&A and R&D expenses grew at a slower pace than revenue, allowing operating margins to expand by 230 basis points year-over-year. This leverage, combined with a lower effective tax rate, contributed to the massive EPS beat of $5.75 versus estimates of $1.96. The sustainability of this leverage depends on continued revenue growth and disciplined cost management, particularly in the face of rising AI infrastructure investments.
EPS Quality Boosted by One-Time Items
Net income surged to $62.6B in Q2 2026, yielding a 31.2% net margin, but the quarter included a one-time gain from Rivian investment, inflating EPS to $5.75, per SEC filings.
The reported net income and EPS are significantly boosted by a non-operating gain, which masks the underlying operating performance. Excluding this gain, EPS would be closer to $2.50, still a strong beat but less dramatic. Investors should adjust for such items to assess the true earnings power, and monitor the impact of stock-based compensation, which totaled $6.0B in the quarter, on diluted share count and cash flow.
R&D and Fulfillment Costs Escalate
R&D expenses rose to $33.2B in Q2 2026, up 22% YoY, while SG&A grew 1% YoY, reflecting heavy investment in AI and logistics, as reported in the income statement.
The significant increase in R&D spending underscores Amazon's commitment to AI and other long-term initiatives, which could pressure near-term margins but may drive future growth. SG&A growth was modest, indicating cost discipline in non-technical areas. However, the rising cost of labor and energy in the fulfillment network remains a key variable to watch, as it could erode retail margins if not offset by efficiency gains.
Retail Competition and AWS Deceleration Risks
Despite strong results, Walmart's e-commerce growth is outpacing Amazon's, and AWS's 36.7% growth may face headwinds from enterprise optimization, posing risks to the current narrative.
Short-sellers could argue that Amazon's retail segment is losing share to Walmart, which reported faster e-commerce growth, potentially pressuring margins and pricing power. Additionally, AWS's growth acceleration may be partly driven by AI hype, and any slowdown in enterprise cloud spending could reverse the recent margin expansion. The massive EPS beat also raises questions about sustainability, as one-time items and tax benefits may not recur. Investors should monitor these risks closely.